RedEnvelope quarterly earnings jump; CEO May to resign

KatherineHunt

SAN FRANCISCO (MarketWatch) -- RedEnvelope Inc.
rede
after the closing bell on Tuesday reported fiscal third-quarter net earnings of $4.1 million, or 43 cents a share, vs. $2.77 million, or 30 cents a share, during the same period a year ago. The San Francisco-based Internet retailer posted revenue of $53 million compared with $47.5 million. Looking ahead, the company said it now expects fiscal 2006 net revenue to grow between 7% and 10% over fiscal 2005. Based on the revenue outlook, the company sees a net loss for the fiscal year of less than $5 million. Separately, RedEnvelope said Chief Executive Alison May plans to resign from the company and will remain in her position until a successor is named. The company also said Kristine Dange, executive vice president of merchandising and creative, has left the company to pursue other opportunities.

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